ZEC falls below $1,000, leveraged long deep underwater
An on-chain analyst flags that ZEC dropped under $1,000 and a 10x long on 18,000 ZEC is down over $2.8M.
What we know
An on-chain analyst flags a trader's 10x long on 18,000 ZEC ($17.63M) is down over $2.8M with liquidation near $895.46. Meanwhile traders debate whether bitcoin drops to $68k or reverses, and one analyst argues BTC trading under 3% below range lows makes downside positioning unattractive.
How the story developed
An on-chain analyst flags that ZEC dropped under $1,000 and a 10x long on 18,000 ZEC is down over $2.8M.
Traders are split on whether BTC will reverse or extend lower after sweeping range lows near the daily 200MA. ZEC fell below $1,000, pressuring a large leveraged long.
A trader notes BTC is sitting at its breakdown level and the daily 200MA, with $75K and the September low as key levels to retake.
What people are posting
Posts on X this story draws on. They are individual users' views and have not been verified by Global Eye 24.
“$ZEC has dropped below $1,000!”
View post →“another impulse down to 68k or a reversal here”
View post →By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.